Forge, the Société Générale subsidiary dedicated to cryptoassets, announces the launch of a new stablecoin, backed by the dollar. An unprecedented initiative for a French banking group.

The French bank Société Générale is preparing to become the first major European banking institution to launch a cryptocurrency backed by the dollar, surfing the booming stablecoin market.

This stablecoin will be issued through its subsidiary specializing in digital assets, SG-FORGE.

The cryptocurrency, called “USD COinvertible”, will exist on the Ethereum and Solana blockchains.

It should become available to the general public in July.

Stablecoins are cryptocurrencies linked to a traditional currency, usually the dollar.

They allow you to transfer large amounts of money without going through traditional bank payment systems.

The crypto branch of Société Générale had already launched a stablecoin pegged to the euro in 2023.